Business

Relief In Sight For SMEs And Exporters As GST Council Meets Today

News World India | 0
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| October 6 , 2017 , 08:08 IST

As small and medium enterprises (SMEs) and exporters grapple with the implementation of the Goods and Services Tax (GST) and politicians critique the economic slowdown blaming demonetisation and GST implementation, the GST Council is set to meet on Friday.

According to reports, the central government will use the GST Council meet on Friday to push through relief measures for SMEs and exporters which have been the worst hit by the GST. Relief measures include allowing electronic payment of taxes for exporters through 'virtual currency' and allowing businesses of turnover up to Rs 1.5 crore to file quarterly returns.  

ALSO READ: Deceleration Of Economy Began Before Demonetisation, Says Yashwant Sinha Slamming Arun Jaitley

Although consumers have been relatively unaffected by the GST, businesses and especially SMEs are facing difficulties. While businesses continue to grapple with the paperwork and filing process of GST, SMEs say that they are no longer the preferred suppliers to large businesses as the larger businesses are opting for those suppliers already familiar and registered with GST.

The central government, Prime Minister Narendra Modi and Finance Minister Arun Jaitley have all come under fire recently, by fellow BJP leaders Yashwant Sinha and Arun Shourie.

ALSO READ: This Is A Govt Of 2.5 Persons, PM Modi, Amit Shah And A Lawyer: Arun Shourie

Former finance minister Yashwant Sinha's tell-all write-up slammed Jaitley for the 'mess' the economy is in due to demonetisation and the implementation of GST. Sinha's critique of the government launched a series of discussions as political leaders both supported him and refuted his claims.

Arun Shourie meanwhile blamed PM Modi and BJP national President Amit Shah for the state of the economy.

After great demand PM Modi addressed the nation, saying that they were working on ways to boost the economy, and people should not fall into 'negativity'.